Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

Millionaire’s split on the minimum wage? Not surprising. But still stupid. The minimum wage is meant to provide a living wage for a full time worker. Either we get rid of the minimum wage entirely and go the free market option to allow Wal-Mart to pay whatever they please, or pay a minium wage that keeps the worker off the safety net of public assistance. The current minimum wage is neither here nor there. Time to face reality, as long as we have politicians we will have a minimum wage. There’s no point in paying a minimum wage that is too low. And the fallacy that minimum wage jobs were meant for teen-agers needs to die. Minimum wage jobs predominantly go to women and a great many raising children alone. And every cent of the minimum wage goes back into the economy as this income group must spend 100% of their income. That income will have a far better multiplier in the economy in the form of consumer spending than revenue shipped offshore by tax-avoiding corporate welfare queens. Hence, opposing a minimum wage increase fails not only on accepting political reality but economic logic as well.

Looks like the millionaires are no different than the general population on the issue of whether to raise taxes on the wealthy and raise the minimum wage. Somewhat surprising since the presumption is that those two things would cost them in form of less income and higher prices. Maybe they should have included a question of how often people watch Fox news vs other news. Part of the reason poor people are against those things is that they have been pumped full of misinformation about those things by the right wing propaganda outlets.

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About Barry Ritholtz

Ritholtz has been observing capital markets with a critical eye for 20 years. With a background in math & sciences and a law school degree, he is not your typical Wall St. persona. He left Law for Finance, working as a trader, researcher and strategist before graduating to asset managementRead More...

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"The largest Asian central banks have gone on record that they are curbing their purchases of US debt. And they are also diversifying their huge reserves, steadily moving away from the dollar. The risks have simply become too many and too serious." -W. Joseph StroupeEditor, Global Events

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